The Last Tycoons: The Secret History of Lazard Frères & Co. by William D. Cohan Summary

1. Wall Street’s “Great Men” culture fueled Lazard’s rise and self-destruction.
2. Felix Rohatyn saved New York City financially but lost control of Lazard.
3. Bruce Wasserstein outmaneuvered Michel David-Weill in Wall Street’s ultimate power play.
4. Secretive strategies made Lazard Wall Street’s most influential yet unstable investment bank.
5. Steve Rattner’s ambition clashed with Rohatyn’s legacy in generational Wall Street warfare.
6. Lazard’s internal feuds exposed the toxic cost of unchecked financial egos.
7. William D. Cohan reveals how 20th-century banking titans shaped corporate America.
8. The FT/Goldman Sachs Book of the Year details Wall Street’s last dynastic collapse.
9. Lazard’s art collections and mistresses masked its boardroom desperation.
10. Michel David-Weill’s manipulative leadership nearly destroyed his family’s financial empire.

About the Author

William David Cohan, author of The Last Tycoons: The Secret History of Lazard Frères & Co., is a bestselling financial journalist and former Wall Street mergers-and-acquisitions banker renowned for unraveling corporate power dynamics.

His 17-year career at firms like Lazard Frères and JPMorgan Chase informs this exposé of Wall Street’s elite, blending insider access with rigorous investigative reporting. A Duke University and Columbia Business School graduate, Cohan has penned acclaimed works like House of Cards (2009), Money and Power (2011), and The Price of Silence (2014), cementing his status as a chronicler of financial intrigue and institutional corruption.

As a Vanity Fair special correspondent and New York Times DealBook columnist, his analysis shapes public discourse on finance, with frequent appearances on CNN and Bloomberg. The Last Tycoons earned the 2007 FT/Goldman Sachs Business Book of the Year Award, praised for its unflinching portrayal of Lazard’s secretive world.

Cohan’s works remain essential reading for understanding the forces shaping global capitalism.

FAQs About This Book

What is The Last Tycoons by William D. Cohan about?

The Last Tycoons exposes the secretive world of Lazard Frères & Co., chronicling its 150-year rise as Wall Street’s most elite investment bank. William D. Cohan unveils bitter rivalries between bankers like Felix Rohatyn and Steve Rattner, manipulative leadership under Michel David-Weill, and Bruce Wasserstein’s controversial takeover. The book blends financial history with tales of ambition, art collections, and personal feuds that shaped modern finance.

Who should read The Last Tycoons?

This book suits finance professionals, Wall Street historians, and readers drawn to corporate intrigue. Fans of Barbarians at the Gate or Den of Thieves will appreciate its unflinching look at power dynamics. Cohan’s insider perspective—honed during his six years at Lazard—makes it essential for understanding investment banking’s golden era.

Is The Last Tycoons worth reading?

Yes—it won the 2007 FT/Goldman Sachs Business Book of the Year for its meticulous research and gripping narrative. Cohan’s dual expertise as a banker and journalist provides rare insight into Lazard’s cloistered culture. While dense at 752 pages, its tales of greed and legacy-building remain unmatched in financial literature.

What are the main themes in The Last Tycoons?

• Power struggles: Internal feuds between bankers like Rattner and Rohatyn destabilized Lazard.
• Leadership flaws: Michel David-Weill’s manipulative tactics exacerbated conflicts.
• Wealth and legacy: Profiles of tycoons’ art collections, mistresses, and rivalries reveal Wall Street’s opulent underside.

How does Bruce Wasserstein factor into Lazard’s history?

Wasserstein orchestrated a $1.4 billion deal to take control of Lazard in 2001, outmaneuvering Michel David-Weill during the firm’s decline. His aggressive leadership marked a departure from Lazard’s traditional “Great Man” ethos, symbolizing Wall Street’s shift toward ruthless dealmaking.

What criticisms exist about The Last Tycoons?

Some readers find its exhaustive detail overwhelming, particularly regarding lesser-known bankers. However, critics praise Cohan’s ability to humanize financial titans while exposing systemic flaws in Wall Street’s “advisory aristocracy”.

How does The Last Tycoons apply to modern finance?

The book’s lessons on leadership hubris and fragile corporate alliances resonate amid today’s banking crises. Lazard’s survival tactics—like prioritizing client loyalty over short-term gains—offer counterpoints to modern fintech disruption.

How does The Last Tycoons compare to Barbarians at the Gate?

Both dissect Wall Street excess, but Cohan’s focus on Lazard’s multi-generational saga contrasts with Barbarians’ single-deal narrative. Tycoons offers deeper cultural analysis, while Barbarians emphasizes transactional drama.

What does the book reveal about Felix Rohatyn?

Rohatyn emerges as a conflicted figure: he saved New York City from bankruptcy in the 1970s but struggled to modernize Lazard. His feud with Steve Rattner underscored generational divides in investment banking’s evolution.

Why is The Last Tycoons relevant in 2025?

As debates about banking regulation and wealth inequality intensify, Cohan’s examination of Lazard’s insular power structures offers context for today’s financial reforms. The rise of activist investors echoes tactics used by Wasserstein.

What unique sources did William D. Cohan use?

Cohan drew from internal Lazard documents, 200+ interviews, and his firsthand experience as a former banker at the firm. This access enabled revelations about secret boardroom deals and personal vendettas.

How does The Last Tycoons reflect William D. Cohan’s expertise?

Cohan’s six-year tenure at Lazard and subsequent journalism career let him decode complex financial maneuvers while crafting character-driven storytelling—a blend evident in his later works like House of Cards and Money and Power.